Visa, the financial services company, is estimated at $ 460.06 billion, according to Yahoo Finance. As of December 26, Bitcoin floats comfortably above $ 462 billion.
But aren’t Visa and Bitcoin a suitable comparison?
Bitcoin is essentially a peer-to-peer software protocol, while Visa is a for-profit company. Some might argue that a direct comparison between the two is inappropriate, as they are fundamentally different.
But Bitcoin surpassing Visa’s valuation is above all symbolic, and Bitcoin’s current market capitalization would theoretically make it the thirteenth largest company in the world.
Meanwhile, institutional interest in Bitcoin has skyrocketed in 2020. At a point where the institutional demand for Bitcoin continues to increase exponentiallyExceeding Visa’s market cap could further strengthen confidence around Bitcoin among institutions.
More institutions and accredited investors have gained exposure to Bitcoin via shades of gray and the CME Bitcoin futures market. Grayscale’s assets under management are approaching $ 17 billion as the CME Bitcoin futures market’s open interest rate remains consistently above $ 1 billion.
Visa has also shown more enthusiasm for crypto in recent months, following Square and PayPal’s support for Bitcoin.
Thus Wirex, the crypto issuer of Visa debit cards, became a major Visa member in Europe. Cuy Sheffield, senior director and head of cryptocurrency at Visa, said:
“Digital currencies have the potential to extend the value of digital payments to a greater number of people and places. We are excited to partner with innovative Fintechs such as Wirex and enable their customers to use digital currencies at more than 61 million sellers on the Visa network. “
Data on the chain shows where BTC is headed now
In the short term, traders and on-chain analysts say Bitcoin’s trajectory remains optimistic.
Analysts at In the block identified USD 23,069 and USD 23,377 as the key support levels for BTC for the foreseeable future. They wrote:
“Bitcoin has been able to sustain more than $ 23,000. The IOMAP indicator supports that premise as it shows a strong level of support between USD 23,069 and USD 23,377.1, where nearly 900 thousand addresses previously acquired $ 796 thousand BTC. “
As long as Bitcoin stays above the critical support areas, traders in the cryptocurrency market are anticipating to see a broader rally.
Michael van de Poppe, a full-time trader on the Amsterdam Stock Exchange, expects the total cryptocurrency market cap to soon breach an all-time high of approximately $ 780 billion. He said:
“The total # crypto market cap looks extremely bullish as it has tested the highest region ever. Levels to watch are $ 550 and $ 450 billion. You can buy dip opportunities in each of these regions. If so, the next run will take the market above ATH. “